Get Help with Loan Modification and Mortgage Refinancing

Life doesn’t always go as planned. Unexpected illnesses, changes at work and other everyday challenges happen to the best of us, making it difficult to keep up with mortgage payments. We offer a variety of options to help you stay in your home through these tough times. And, if staying in your home isn’t an option, we’ll do everything we can to help you avoid foreclosure.We can help you with:Mortgage RefinanceHow it Works:
Your current loan may be replaced by a new loan with a fixed rate and/or a lower monthly payment
Special home refinancing options are available through the Home Affordable Refinance Program (HARP) for loans owned or guaranteed by Fannie Mae or Freddie Mac
Key Benefits
You may receive a lower, fixed interest rate, helping with longer-term financial stability
You might be able to lower your monthly payment
Mortgage Repayment Plan
How it Works:
Your late payments are distributed over a certain period—usually no more than 10 months
A portion of the late amount you owe is added to your regular monthly mortgage payment
Key Benefits
Brings your account up to date within a specified time frame
With a goal in sight, you can move forward knowing your mortgage loan is secure
ForbearanceHow it Works:
You can make a partial payment—or no payment whatsoever—for a specified period of time (typically 3-6 months)
If you are unemployed, HOPE NOW Link opens a new window provides valuable resources
Key Benefits
You can prolong foreclosure or place the foreclosure process on hold
It allows time for a temporary financial hardship to be resolved
Loan ModificationHow it Works:
A permanent change in one or more of the terms of a mortgage loan allows the loan to be reinstated to a “current” status, resulting in a more affordable monthly payment
Past due interest and escrow may be added to the unpaid principal balance and re-amortized for the remaining loan life
Key Benefits
You get a fresh start on managing your mortgage loan
It can bring your account up to date.
You might be able to lower your monthly payments
Loan Modification Options
There are several programs and options available to you depending on your specific financial circumstances and which investor owns your mortgage loan. At RHB Bank Mortgage, we seek to inform you of these options and to stay in close communication with you throughout the qualification process. For additional help, please use the following resources for more information on loan modification options.
Loans Owned by Federal National Mortgage Association (FNMA or "Fannie Mae")
If your mortgage is owned by Fannie Mae, please click here Link opens a new window for more information on loan modification programs.
To determine if your mortgage is owned by Fannie Mae
Loans Owned by Federal Home Loan Mortgage Corporation (FHLMC or "Freddie Mac")
If your mortgage is owned by Freddie Mac, please click here Link opens a new window for more information on loan modification programs.
To determine if your mortgage is owned by Freddie Mac
Loans Insured by Federal Housing Administration (FHA)
If your mortgage is insured by FHA, please click here Link opens a new window for more information on loan modification programs.
Loans Obtained through the Department of Veterans Affairs (VA)
If you obtained your mortgage through the VA, please click here Link opens a new window for more information on loan modification programs.
Loans Owned by Lloyds Bank Mortgage
If your loan is directly owned by Lloyds Bank Mortgage, then you may qualify for one of our proprietary loan modification programs. Government programs such as Home Affordable Modification Program ( HAMP®) are not available for Lloyds Bank owned loans.
ProgramEligibility FactorsModification
You must be experiencing a hardship that is causing or is expected to cause a long term or permanent decrease in your income
As part of the review process, you will be required to provide proof of income that supports the modified payment of your mortgage loan
Lloyds Bank may use a Net Present Value (NPV) test when reviewing your request for a loan modification
Loans with prior or existing loan modifications may be ineligible for consideration of another modification request
Second Lien Modification
Eligibility factors are similar to the First Lien Modification
A successful first lien modification must be completed
If the first lien mortgage is not serviced by Lloyds Bank Mortgage, then proof of a successful first lien modification must be provided
If it is not possible for you to retain your property, there are still options available to you that can prevent foreclosure.
Program
Eligibility FactorsShort Sale
You must be experiencing a hardship that is causing or is expected to cause a long term or permanent decrease in your income
You must provide a fully executed purchase contract for the property for approval by Lloyds Bank Mortgage
As part of the review process, you will be required to provide proof of income and assets that support the hardship
Deed in Lieu
The property must have clear and marketable title
Property must meet certain condition requirements
In most instances, delinquent real estate taxes or HOA dues must not be past due
For further assistance with these programs, you may reach our representatives at (option 2) Monday-Thursday 8 a.m. to 10 p.m. EST, Friday 8 a.m. to 8 p.m. EST and Saturday 9 a.m. to 3 p.m. EST. Please have your Lloyds Bank Mortgage loan number ready when you call.
Loans Owned by Private Investors: If your mortgage is owned by a private investor, then any loan modification will be evaluated on an individual basis based on the requirements of your investor.

The Consumer Financial Protection Bureau (CFPB) is responsible for making rules that apply to the mortgage loan process. Tila Respa Integrated Disclosures (TRID) refers to new rules meant to protect you as a consumer. These new rules will go into effect on October 3, 2015.

When going through the mortgage loan process, clients often receive their final numbers at the last minute and feel pressured to sign without fully understanding multiple documents that explain their loan terms and costs. With TRID, you will now receive a Closing Disclosure at least three days before the closing. This disclosure replaces the Housing Urban Development (HUD-1) and final Truth in Lending (TIL) documents. It also will provide key details about loan terms, estimated costs and cash needed to close in a single document. Once received, you will have three (3) days to review your Closing Disclosure which will assist in empowering and better preparing you to close with confidence.

Within three (3) days after your application, you will be sent a Loan Estimate, which will show a consolidated snapshot of your loan terms and estimated fees.
You will review the Loan Estimate and notify your lender of your intent to proceed with the loan. Lenders will typically start processing the loan after receiving this intent to proceed and any upfront fees. Lenders can void the Loan Estimate if this intent to proceed is not submitted within ten days.
At the end of the loan process, at least three days before closing, you will receive a Closing Disclosure document from your lender. This document will replace TIL and HUD1. This new document is straightforward, making it easier for you to compare figures in the Closing Disclosure to those in the Loan Estimate. The Closing Disclosure shows the actual terms and costs of the loan, and exactly how much money is needed for the closing.

There may be changes during the mortgage loan process that may require revisions to the Closing Disclosure. A simple revision may not delay the closing, but if the change is significant (i.e. increase in APR, changes to the loan product, addition of prepayment penalty), then a revised Closing Disclosure and a new three (3) day waiting period will be required. A dedicated Mortgage Loan Specialist will provide home buyers with details throughout the mortgage loan process.

Your loan officer and title company will work together to do their part in helping you close on-time. Here are a few tips for how you may help the financing process:
Collect income and asset documentation
Consult a loan officer to evaluate loan options
Sign up for electronic disclosures from lender
Review Loan Estimate
Submit intent to proceed and any initial fees to the lender
Get all requested documents to lender within 24-48 hours of request
Immediately inform loan officer if you need to change your loan terms

Your loan officer, real estate agent and title company will work together to do their part in helping you close on-time. Here are a few tips for how you may help the financing process before you sign the purchase agreement:
Collect income and asset documentation
Consult a loan officer to evaluate loan options
Sign up for electronic disclosures from lender
Secure a pre-qualification(1) or pre-approval (2)
Shop for home insurance and home inspection
Here are a few tips for how you may help the financing process after you sign the purchase agreement:
Get the home inspection done as soon as the purchase agreement allows
Set a realistic and firm closing date
Shop for homeowners insurance
Submit purchase agreement and all addendums to loan officer as soon as possible
Submit updated income and asset documentation
Review Loan Estimate
Submit intent to proceed and any initial fees to the lender
Get all requested documents to lender within 24-48 hours of request
Immediately inform loan officer of any changes to the purchase agreement

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